The Institute AML and Financial Crime Digest #101 - 15/05/23

View this post on The Institute website: https://bit.ly/3BuQFsf

The Institute of Money Laundering Prevention Officers is supported by:

Guidehouse | BeyondFS | Lucinity | Complyport | Efficient Frontiers International

Learn More: https://bit.ly/3N8ILd8 (PDF)

Featured

• Long Read - Is London Europe’s ‘Hub’ for Organised Crime?
• The UK lost ￡1.2 billion to fraud in 2022, with three million scams taking place, according to new data from UK Finance
• Mixed Reaction to the UK Government’s new Fraud Strategy - Nick Kerpe , Zoe Newman , Colum Lyons
• The Financial Conduct Authority sets out steps to improve Whistleblower Confidence
• The UK Fraud Strategy: what it delivers, what it lacks
• Money Laundering In the UK Art Market: Key Risks and AML Rules -? Lindsey Cullen
• Failed Derby County bidder Chris Kirchner faces 180 years in prison if guilty of fraud
• Fieldfisher 's Data team sets out to debunk five common misconceptions about UK and EU data protection law
• Law enforcement has arrested 60 people, and recovered 11,049 stolen artefacts as part of a major international art trafficking crackdown across 14 European countries -

Comment & Opinion

• Understanding the regulatory impact of the Financial Services and Markets Bill - Suzie Miles
• The EU EU steps up the fight against public and private corruption - Bruno Garcia Da Silva ,? Gert-Jan Hendrix ,? Matthias Schelkens ,? Zo? Deblander
• Regtech in 2023; Views from Conotoxia , EIS Ltd , REGnosys , Kyckr , Rise, created by Barclays and KYC Hub
• The longer arm of the law – Iskander Fernandez on the new failure to prevent offence
• The Gambling Review White Paper – the devil will be in the consultations - David Zeffman et al
• Mitigating money laundering and terrorist financing risk without harming innocent institutions - Sadi Bezit, CAMS

Sanctions

• Office of Financial Sanctions Implementation (OFSI) Licensing: Travel Guidance - Guidance on travel allowance for licence applications (PDF)

FinTech

• ISO 20022 and the future of payments
• Revolut has lost another senior executive with chief financial officer Mikko Salovaara leaving the fintech giant for "personal reasons". Separately, Wise CEO Kristo K??rmann is set to take a three-month sabbatical.
• US RegTech Market Report 2023: Regulatory Sandbox Approach Supports Regtech Innovations.

AI & Machine Learning

• Securing weak spots in AML: Optimizing Model Evaluation with Automated Machine Learning?- Karin Schreiber
• AI in AML can open doors previously closed with useful results in lookbacks - Kenneth Rijock

Cryptocurrency & Digital Assets

• Crypto ATMs the target of continued FCA crackdown
• Exploring The Legal Implications Of Cryptocurrency And Blockchain Technology
• Leaving the ‘Wild West’ behind as we head towards next generation crypto exchanges - Ben Caselin

Estate Agents & Property

• Senior property lawyer fined for conflicts of interest in failed investment schemes

Corruption

• A bank owned by a controversial Tory donor who has links to Prince Andrew has been fined ￡10m for allegedly plotting to undermine Qatar’s currency
• Key witness in FIFA corruption probe to be sentenced in US.
• US Congressman George Santos charged with fraud, money laundering

Organised Crime and Policing

• Profile of The Scorpion Group (in Spanish: Grupo Escorpión/Los Escorpiones) is an armed wing of the Gulf Cartel, which handles a variety of illegal activities, including drug trafficking, money laundering, and extortion.
• ICC and Europol conclude a new working arrangement to enhance cooperation
• Grain Trail: Tracking Russia's Ghost Ships with Satellite Imagery
• An Isle of Wight woman is among four people who have been convicted for their role in?complex fraud and money laundering operation
• A student who laundered thousands of pounds for a major gangland criminal has been jailed for 18 months

Terrorism

• CRAAFT Report Launch: Missing Connections: Crime-Enabled Terrorism Financing in Europe - Friday, May 26, 2023

Miscellany

In response to scandals and stolen art seizures, The Metropolitan Museum of Art in New York City plans to scour its own collections for looted artifacts

Research

• Martial law and smuggling of goods: the search for the optimal model of legal liability

The Institute Committee

Tracey Iles | Daren Allen | Darren Woodburn | Leanard Phillip | Meagan Birch | Dean Evans | Jacob Bettany

#antimoneylaundering #fintech #regtech #financialcrime #organisedcrime #cybercrime #lawenforcement #policing #scams #crime #ESG #Corruption #anticorruption #sanctions #fraud #antifraud #terrorism #estateagents #machinelearning #AI #compliance #regulation #regulatoryaction #policing #lawenforcement #AML #economiccrime #duediligence #regtech #cybercrime #cft #terrorism #terrorismfinancing #crypto #cryptocurrency #digitalassets #virtualassets #cryptoregulation